Leading digital currency exchange and wallet provider Coinbase has announced that it has raised $100 million in Series D funding.

Led by IVP, the round also drew support from Spark Capital, Greylock Partners, Battery Ventures, Section 32, and Draper Associates. This follows $75 million raised by the startup in venture capital funding in 2015 and brings the total funding to over $217 million till date. The funding gives Coinbase a post-money valuation of $1.6B, TechCrunch reported.

“We’re fortunate to be working with IVP, one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 106 of which have gone public. Notable IVP investments include companies such as Dropbox, Netflix, Twitter, Slack, and Snap,” Brian Armstrong, Coinbase CEO and co-founder, said.

In its official release, Coinbase said that it will use the funding to increase the size of its engineering and customer support teams, open a GDAX office in New York, and invest in Toshi, a browser for the Ethereum network.

The company further said that it is now transitioning to the third phase of its secret master plan. Outline in September 2016, the plan details four phases to create an open financial system:

• The first phase saw the emergence of new protocols such as bitcoin and Ethereum
• The second marked the creation of safe and easy to use digital currency exchanges
• The third phase involves building a consumer interface for digital currency apps, and
• The fourth would see the development of apps of an open financial system

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